"Spending 5.5 Million Won on a Concert? No Regrets"... Generation Z Splurges on Experiences [The World is Z Gold]

Generation Z Drives 'Ticketflation' (Ticket + Inflation)
Rising Demand and Stage Production Costs Contribute
Even as Prices Climb Each Year, Popular Shows Still Sell Out

Editor's NoteGeneration Z (those born from the late 1990s to the early 2010s) is gaining attention as a generation that leads culture and trends in a rapidly changing era, setting new standards across society. In [The World is Z Gold], we shed light on the lives and values of Generation Z around the globe, exploring how they are transforming society.

Recently, the economic burden on Generation Z has been increasing as ticket prices for concerts by popular artists such as Beyonce and Taylor Swift have surged. Attending a single concert now requires spending at least several hundred thousand won, and in some cases, up to several million won. Despite this, Generation Z continues to spend boldly, viewing concerts not simply as 'spectacles' but as valuable 'experiences'.

Steeply Rising Ticket Prices... Last Year’s Average Was $135

Taylor Swift is performing at Wembley Stadium in London, UK, on June 24 last year (local time). Photo by AP

Cricket Cho, a 25-year-old office worker living in Georgia, revealed in a recent interview with the New York Times that she attended a total of seven concerts in 2023, spending about $8,400 (approximately 11.6 million won). The concert she spent the most on was Taylor Swift's show in Toronto, Canada. Including the ticket ($600), airfare and accommodation ($3,000), and merchandise ($470), she spent over $4,000 (about 5.47 million won) on that event alone. Cricket Cho said, "Live music makes me feel alive," adding, "It's a completely different experience from listening to music on Spotify." However, she also said, "With ticket prices soaring, I would reconsider attending concerts unless it's for an artist I truly love, like Swift."

Concert ticket prices are rising rapidly both in Korea and internationally. According to the Performing Arts Integrated Computer Network, the average ticket price for domestic popular music concerts last year was 119,250 won, up about 44.1% from 2020 (82,770 won). This year, there are more tickets priced around 200,000 won. Seats for the upcoming Blackpink concert scheduled for July have soared to 275,000 won, and for G-Dragon's world tour held in March, the most expensive tickets were sold at 220,000 won.

The situation is similar overseas. In 1996, the average ticket price for the top 100 tours in the United States was $25.81 (about 35,000 won). According to the concert industry media outlet Pollstar, this amounts to about $52 (about 70,000 won) in today's currency. However, last year, the average price soared to $135.92 (about 185,000 won).

Nevertheless, concerts by popular artists are seeing strong demand despite high prices. According to the American music magazine Billboard, tickets for Beyonce's 'Cowboy Carter' tour started at a minimum of $150 (about 200,000 won), yet over 94% of tickets were sold. Taylor Swift's 'Eras Tour' resale tickets traded at an average of $1,088 (about 1.5 million won) in 2023. The group Seventeen, whose tickets also started in the 100,000-won range, sold out every seat during their world tour from October last year to March this year, generating over 167 billion won in revenue.

This phenomenon stems from Generation Z's tendency to view concerts not as 'simple spectacles' but as 'must-have experiences.' In a survey conducted by the American marketing company Merged targeting 1,000 members of Generation Z, 86% of respondents said they had overspent to attend a concert. The biggest reason for opening their wallets was 'FOMO' (Fear Of Missing Out). Live Nation, an American concert promoter, stated, "Ticket sales this year are increasing even faster than in 2024," adding, "Fans value the experience and irreplaceable memories that live music provides."

Surge in Concert Demand After COVID-19... Labor Costs and More Also Have Impact

As concert ticket prices rise, the burden on consumers is increasing. Photo unrelated to specific expressions in the article. Pixabay

There are multiple factors behind rising ticket prices beyond just artist profits. The surge in concert demand following the COVID-19 pandemic, along with increases in advertising expenses, labor costs, and overall production costs such as concert equipment, are cited as major reasons. Especially for large-scale concerts, stage production and operations require enormous expenses, resulting in even higher ticket prices.

Additionally, the 'dynamic pricing system' introduced by ticket vendors has further fueled price increases. In this system, ticket prices rise in real time as demand grows. Concert planner Ed Traversari commented, "With concert planning costs continuously rising, it's no surprise that ticket prices are going up."

Moreover, the actual cost for fans to attend a concert far exceeds just the ticket price, as they must also consider various additional expenses such as parking fees, airfare, accommodation, and meals. As a result, the perception that 'concert attendance is a luxury' is spreading among middle-aged and older generations.